Fidelity Bank Plc on Monday said it had entered into a binding agreement to acquire 100 per cent equity stake in Union Bank UK Plc. In a corporate filing at the Nigerian Exchange Ltd. (NGX) on Tuesday, the bank said the Central Bank of Nigeria (CBN) had issued ‘No Objection’ to its proposed acquisition of the bank, which commenced London operations in 1983.

The notice signed by Fidelity Bank’s Company Secretary, Ezinwa Unuigboje, said the transaction was still subject to the approval of the Prudential Regulatory Authority of the United Kingdom.

The bank said the acquisition was part of its expansion drive to expand and be able to deliver services in ways that would exceed the needs of its growing clients.

It noted, “Union Bank UK commenced operations from the heart of the city of London in 1983 to provide competitive banking services including personal banking, trade finance, treasury management and structured trade and community finance which it offers to individual and corporate clients.”